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The largest component of the average price of $2.80/gallon of regular grade gasoline in the United States from 2012 through 2021, representing 54.8% of the price of gas, was the price of crude oil. The second largest component during the same period was taxes—federal and state taxes representing 17% of the price of gas.
In contrast, one tonne of crude oil might occupy 6.5 barrels (1,030 litres; 273 US gallons), and one tonne of gasoline will require 7.9 barrels (1,260 litres; 332 US gallons). [21] Overall, the conversion is usually between 6 and 8 barrels (954 and 1,270 litres; 252 and 336 US gallons) per tonne.
Metric regions commonly use the tonne of oil equivalent (toe), or more often million toe (Mtoe). Since this is a measurement of mass, any conversion to barrels of oil equivalent depends on the density of the oil in question, as well as the energy content. Typically 1 tonne of oil has a volume of 1.08 to 1.19 cubic metres (6.8 to 7.5 bbl).
Read CNN’s Fast Facts about oil and gas and learn more ... the United States produced about 11.911 million barrels of crude oil per day. ... Gasoline prices go from 36 cents a gallon in 1972 to ...
Oil traders, Houston, 2009 Nominal price of oil from 1861 to 2020 from Our World in Data. The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil ...
In 2008, oil prices rose briefly, to as high as $145 per barrel, [25] and U.S. gasoline prices jumped from $1.37 to $2.37 per gallon in 2005, [26] causing a search for alternate sources, and by 2012, less than half the US oil consumption was imported. However, as of January 2015, the price of oil has decreased to around $50 per barrel. [27]
Tight refining supply has kept the gap wide between wholesale gasoline futures and retail prices, currently at about $1.25 a gallon, far exceeding the average of 88 cents over the past five years.
Gas prices are falling even with oil nearing $90 a barrel — here's why. ... The national average cost of retail gasoline sits at $3.58 per gallon, ... ‘A crossroads in history’: Europe seeks ...